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Avianca Holdings S.A. 2Q 2019 Earnings Presentation The present document consolidates information from Holdings S.A. and its subsidiaries, including unaudited financial figures, operational managerial indicators, financial indicators and managerial projections of future performance, in line with S.A. and its subsidiaries’ business plans. References to future behaviors are indicative and do not constitute a guarantee of compliance by the Company, its Stakeholders or directors. Unaudited accounting and financial information and projections presented in this document are based on internal data and calculations made by the Company, which may be subject to changes or adjustments. Any change in the current economic conditions, the industry, fuel prices, international markets and external events, among others, may affect Disclaimer the ongoing business results and future projections. Avianca Holdings S.A. herein after Avianca Holdings and its subsidiaries warn investors and potential investors that future projections are not a guarantee of performance and that actual results may differ materially. Every investor or potential investor will be responsible for investment decisions taken or not taken as a result of his or her assessment of the information contained herein. Avianca Holdings S.A. is not responsible for any fourth parties’ content. Avianca Holdings may make changes and updates to the information contained herein.

The information, tables and logos contained in this presentation may not be reproduced without the consent of Avianca Holdings S.A. Transforming AVH New Board of Directors and Management Team

Roberto Kriete James P. Leshaw 35+ years in Industry (TACA, Avianca, ) 25+ years as commercial lawyer in the US & Richard Schifter Roberto Zamora Senior advisor at TPG Capital 20+ years in Financial Sector, founder of LaFise Sergio Michelsen Fabio Villegas Partner at Brigard & Urrutia since 1994 Previous CEO during transformational period (2005-15) Oscar Darío Morales Juan Emilio Posada Previous Partner & Board President for Deloitte in

26+ years in airline industry, co-founded VivaColombia Álvaro Jaramillo Board of Directors President of Banco de Colombia (1994-96) Jairo Burgos de la Espriella Rodrigo Salcedo Talento & Talante – Expert in labour strategy Managing Director at Caoba Capital

Anko van der Werff Adrian Neuhauser CEO CFO • ~20 years of experience in airline industry • ~20 years of experience in Investment • Previously Chief Commercial Officer at Banking, focused on Aviation with strong Aeromexico experience in • Senior executive roles at Aeromexico, • Senior roles at Credit Suisse, Deutsche

Qatar Airways and KLM Bank, and Bank of America Merrill Lynch Management New Management kicks off “Avianca 2021” strategic plan

Avianca 2021

Slogan “We are an airline first” Focus on core business Passenger, Cargo and Loyalty

Build into a super-focused, Privileged geographic location for international connectivity Vision highly profitable hub Strong domestic market (21 million local PAX)

Driving Profitable and cost-efficient Focus on margin expansion Mantra while deleveraging

10 E190, 10 A318, 4 A320, 12 Cessna and 2 ATR 42 Sale Fleet Network drives the fleet plan Target fleet for end of year 2019 ~ 155 Aircraft

Stakeholders Kingsland & United Stakeholder financing of up to USD 250 Million Support support Avianca advances on the execution of the Avianca 2021 strategic plan

Liquidity • On June 25th Avianca commences negotiation with financial stakeholders Preservation ‒ Deferral of lease payments for 3 months ‒ Extension of maturity for near term maturities (~6 to 9 months) ‒ Target deferral of ~ USD 270 million ‒ Realign covenants where necessary, to reflect reprofiling ‒ Day-to-Day operation of AVH unaffected ‒ Converstaions with stakeholders to date have been constucive

Bond update • Avianca launches Exchange Offer for its outstanding 2020 notes - Any and all $550 million of existing 8.375% Senior Notes due May 2020 on a par for par basis - New $550 million Notes coupon remains at 8.375% with maturity in May 2020 but are collateralized by Avianca Brand, certain other IP and equity interest in AC - Secured Note will automatically convert into new Secured note (Same collateral) with a 9.000% Coupon and May 2023 maturity if and when reception of stakeholder financing of $ 250 million by United and Kingsland Holding One-time events on 2Q results

P&L Impact Net cash Impact

Embraer 190 ($152.7M) + $8M- $15M*

A318 + A320 ($52.9M) + $90M - $100M*

One time Events Transformation fees ($80.0M) ($9.7M) Rolls Royce

Total ($285.6M) $90M - $100M*

*Note: Expected cash inflows expected throughout the second half of 2019 Executive Summary 2Q 2019 Executive Summary

Operating - Load Factor of 81.8% for 2Q19 updates - 7.5 million transported passengers for 2Q19 +2.7% - Lifemiles’ Loyalty Company program reaches approximately 9.2 million members and increased its active commercial partners (537 ), +49.6% vs. 2Q’18

Financials - Avianca launches Exchange Offer for its outstanding 2020 notes - The company successfully executes it’s Liquidity Preservation program Executive - US$ 1.12 Billion in Revenues in 2Q19; -6.9% YoY - CASK ex-fuel1 reached 6.1 US¢ a 6.7% reduction vs 2Q18 Summary - CASK1 reached 8.5 US¢ a 4.8% reduction vs 2Q18

Network - Cancelled Routes (+25): -Mendoza, Bogota-, Bogota-Chicago, Bogota- Boston, -Boston and -Chicago. - 13 routes with decreased frequencies (Weekly Routes): Bogotá-Cartagena -7X and Bogotá-Pereira -10X (65X) - Increased frequencies (+34, Weekly Routes): Aruba-Bogotá +3X (14X), Bogotá-Curazao +4X (11X), Bogotá-Ezeiza +7X (14X), Bogotá-Nueva York +7X (21X), Dallas-Salvador +2X (7X) , Newark-Salvador +2X (7X), Guatemala- +3X (5X), Habana-Salvador +1X (7X), Washington-Salvador +5X (19X), -Salvador +2X (7X), Lima- +7X (14X) and Salvador-San Francisco +2X (14X).

(1) When indicated the figures are adjusted by the following one-time items related to the company's transformation plan: USD 285 million F i n an c i al A n d Operational R esu l ts 2Q 2019 Airbus 320 118 Embraer 190 2* ATR 72/42 15 Airbus 330 9 Boeing 787 Executing 13 Airbus 330F on our 6 Airbus 300F 5 fleet plan Boeing 787F 2Q 2019 2 Total Fleet 170

Out In

• 6 Embraer 190 (AOG), 13 • +A300F Cessna 208 and 2 ATR • -A300F (AOG) 42(Sale of Sansa and La • +A330F (ex O6) Costeña)

11 *Note: Avianca plans to phase out its Embraer Fleet, Avianca has signed an agreement to sell (4) A320 and (10) A318. ASK growth rate decelerates as Avianca shifts from a growth to profit focused business model

2Q RPKs – Millions 2Q Load Factor

-46 bps +4.1% +5.3% 82,9% 11.093 22.434 82,0% 82,3% 81,8% 82,0% 10.346 10.655 21.303 9.037 78,1%

2Q16 2Q17 2Q18 2Q19 6M18 6M19 2Q16 2Q17 2Q18 2Q19 6M18 6M19

2Q ASKs – Millions 2Q Yield - US¢

+4.7% +6.6%

13.562 27.373 9,3 9,2 12.621 12.953 8,5 8,4 8,5 11.575 25.687 8,2

2Q16 2Q17 2Q18 2Q19 6M18 6M19 2Q16 2Q17 2Q18 2Q19 6M18 6M19 12 Quarterly Full Year Cask1 and Cask Ex Fuel1 decrease by 4.8% and 6.7% respectively

2Q Revenues – US millions 2Q EBITDAR – US millions

9,3 9,2 8,6 8,1 8,2 8,3

212 187 437 211 178 176 217 408 356 19,0% 19,4% 18,4% 197 15,6% 116 286 12,7% 875 988 934 10,5% 741 1.960 1.904

2Q16 2Q17 2Q18 2Q19 6M18 6M19 2Q16 2Q17 2Q18 2Q19 6M18 6M19

2Q CASK and CASK ex Fuel - US¢ 2Q EBIT – US millions

2016

8,9 6,4% 8,5 8,6 8,3 7,8 8,2 6,6 6,4 5,7% 4,2% 6,1 6,3 6,1 6,1 2017 4,0% 151 63 50 38 -0,8% -36 6M18 6M19-18 2Q16 2Q17 2Q18 2Q19 6M18 6M19 -3,2% 2Q16 2Q17 2Q18 2Q19 13 Quarterly Full Year Non-passanger Revenues EBIT/EBITDAR Margin RASK Cask (1) When indicated the figures are adjusted by the following one-time items related to the company's transformation plan: USD 285 million OPEX Focus: drivers for the second quarter

Aircraft fuel Maintenance and repairs Fees and other expenses

+5.4% +42.5% +54.8%

312,1 63,4 107,0

44,5 69,1

296,0

2Q18 2Q19 2Q18 2Q19 2Q18 2Q19

Passenger services Air traffic Salaries, wages and benefits

-8.3% -5.7% -10.2%

49,0 70,8 200,3

44,9 66,8 179,9

2Q18 2Q19 2Q18 2Q19 2Q18 2Q19 14 Avianca Holdings S.A. achieves a 81.8% Load Factor

Region 2Q19 RPK Growth 2Q19 ASK Growth 2Q19 Load Factor

79.6% Domestic* -2,25% 1,42%

Intra Home 76.9% Markets1 9,54% 8,52%

Home Markets to North America2 14,33% 12,93% 85.1%

Home Markets to -7,83% -4,42% South America3 80.5%

Central America & -0,92% 1,00% Caribbean4 77.1%

Home Markets 4,58% 3,10% to Europe 83.5%

Total RPK 4.1% ASK 4.7% Load Factor 81.8%

*Domestic Market: Colombia, , 1 Local Intra-Markets: Colombia, Peru, Ecuador, Salvador, , Guatemala; 2 From Local Markets to North América including México 3 From Colombia, Perú, Ecuador and Costa Rica to Bolivia, , , and , 4 Belize, Curazao, Republica Dominicana, 15 Panamá, Costa Rica, Guatemala, Honduras, Nicaragua Avianca’s market share is stable regardless of the Domestic Capacity reduction

Latam Copa 18.7% 35.9%

Avianca Avianca VivaCo 15.1% 61.3% 52.3% Colombia Domestic1 Central America Domestic2

Others Satena 2.8% 4.5% 1%

Others Copa 1.3% 1.6% 6.5%

Intra-Home Home Markets To North Home Markets To South Home Markets Markets America America To Spain

65.6% 25.0%

30.2% 33.3%

16 Source: Aeronáutica Civil, MIDT 1: Jun-19; 2: Jun-19, Excluding flights from an to ; *Domestic Market: Colombia, Peru, Ecuador; Local Intra-Markets: Colombia, Peru, Ecuador, Salvador, Costa Rica, Guatemala; From Local Markets to North América including México 3 From Colombia, Perú, Ecuador and Costa Rica to Bolivia, Chile, Argentina, Brazil ,Uruguay and Venezuela, 4 Belize, Cuba Curazao, Republica Dominicana, Panamá, Costa Rica, Guatemala, Honduras, Nicaragua Business Units 2Q 2019 : financial and operational results

Segment Overview Key Metrics (Cargo and Courier)

Revenue (US$MM)(2) (3) ▪ Cargo performance: -1.0% ATK (MM) 617,9 • Despite cargo markets shrinking for 6M19, Avianca 154 611,6 +7.8% 143 Cargo’s performance is similar to 6M18 numbers, 2.487 2.593 • The company has taken actions to minimize the fall in 645,2 695,6 revenues: cancellation of some alliances and directly operating own fleet, among others 2Q18 2Q19 2018 LTM 2Q18 2Q19 2018 LTM • The stability of Avianca Cargo's business in a year where global RTK (MM)(3) Load Factor market volumes have fallen significantly has required a 7.2% balance between mobilized volumes and tariff reductions in relevant markets 1.424 1.470 57,3% 56,7% 392,8 56,82% 56,48% 366,6

2Q18 2Q19 2018 LTM 2Q18 2Q19 2018 LTM Market Share Colombia (2Q19)4 Market Share Miami (2Q19)5 33,3% 38,3% 32,3%

14,0% 14,1% 13,7% 11,0% 8,8% 9,3% 8,5% 6,6% 4,9% 5,2%

AVH Atlas Latam Skylease Others Atlas Latam AVH UPS Amerijet American Others Airlines Source: Company. (1) On a per trip basis. (2) Includes consolidated revenues from the cargo operation in and Deprisa (Other Business Unit) (3) Includes bellies and excludes Colombia domestic operations. Includes commercial agreements with OceanAir Linhas Aereas, not included in official statistics. 18 (4) International Cargo – Aeronáutica Civil de Colombia (as of June 2019) (5) Miami-Dade Aviation Statistics, by airline group (as of June 2019) LifeMiles: Loyalty Company

• 2Q’19 gross billings decreased 15.2% vs. 2Q´18 • Excluding non-recurring impacts, commercial gross billings grew +4.9% vs. 2Q’18 (1) • Approximately 9.2 million members, +10.7% vs. 2Q’18 • Active members in core markets increased +18.7% vs. 2Q’18 • 537 active commercial partners, +49.6% vs. 2Q’18 • Launched new co-branded credit card with Itau for Gold and Signature segments in Colombia

New Commercial Partners

CAMNAM COL

SAM

(2)

19 (1) When indicated the figures are adjusted by the following one-time items related to the company's transformation plan: USD 285 m (2) Signed-up via Kaligo. Flight Plan 2019 2Q 2019 2019 OUTLOOK

PAX 2.7% 0.0% - 2.0%

ASK 4.7% 0.0% - 2.0%

LF 81.8% 81.0% – 83.0%

EBIT -28.8% 4.0% – 6.0% From 5.5% – 7.5% EBIT 1 -3.2%

(1) When indicated the figures are adjusted by the following one-time items related to the company's transformation plan: USD 285 million In Summary Avianca’s transformation is based on moving from a growth to a profitability focused business model and we started this process by executing key drivers:

Adjusted fleet plan will decelerate growth

Enhance operational efficiency

Divestiture of non-core assets

Re-prioritization of capex investments

Strengthen the capital structure

Further capacity reductions will drive margin expansion going forward

22 Thank You Contact Information: Investor Relations Office [email protected] T: (57) 1 – 5877700 www.aviancaholdings.com